Every manager knows of just how much employee turnover can cost and tries to keep those costs to a minimum by making employee retention a priority. The fact is that some employees will move on no matter what – and there may even be a few you are not so sad to see go – but to lose a great employee over something that could have been prevented? Well, that's a real shame.
Below is a look at some of the most common reasons, other than a desire for a higher basic salary, that talented employees choose to move on, along with suggestions for employee retention strategies that will keep those valuable players that are hard or impossible to replace on your team.
A Lack of Appreciation
Employees who leave for this reason are rarely looking for a pat on the back every time they show up for work on time or finish a task. They are just the kind of people – and most people are – who need to be told from time to time that their contributions to the company are valued. It does not have to be a daily thing – no sensible person expects that, but ensuring you remind your employees you appreciate what they do regularly is a must.
Insufficient Time Off
To do more with less, some employers are saddling their employees with additional workloads to compensate for a smaller staff. This approach may result in a healthier bottom-line in the short-term, but in the long term it will lead to higher turnover cost and lower production as employees begin to resent the extra work being piled on them and seek a position where they won't be so overstretched.
Benefits are still hugely important to employees of all ages. Employer-provided health coverage is important for recruiting, but even more important as employee retention strategies.
A comprehensive survey undertaken by AHIP shows that 56 percent of U.S. adults with employer-sponsored health benefits said that whether they like their health coverage is a key factor in deciding to stay at their current job while 46 percent said health insurance was either the deciding factor or a positive influence in choosing their current job.
If you want to retain your best talent offering adequate health insurance is certainly likely to be a motivating factor for them to stay.
Outdated Machinery and Equipment
Whether it’s warehouse equipment or the computer on their desk, tools that make life more difficult for those that use them play a major role in employees running for the exit. Continuing to replace these workers may prove more expensive than replacing the tools over the long run.
Setting goals and quotas is important for maintaining production levels and achieving maximum results. This is true in all aspects of life be it personal or business. Constantly moving the “carrot” without regard for what it takes to reach it will usually wind up in a breakdown in morale and desire. Employees who are consistently put to the test in this manner will eventually decide it is simply not worth it.
The Lack of a Challenge
If children get bored with their classes, their minds wander and their grades drop. When adults get bored with their jobs, their minds wander and they seek a more challenging position. Keeping a bright employee challenged with rewarding tasks is the best way to keep a bright employee, period.